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© 2012 David Teten. More at ffvc.com and teten.com
Free Market Research for Entrepreneurs
and Other Cheapskates
http://www.flickr.com/photos/roblee/133498854/
David Teten
Partner, ff Venture Capitalffvc.comblog: teten.com@dtetenNew York, [email protected]
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© 2012 David Teten. More at ffvc.com and teten.com
Don’t Take Notes!
Download these slides from:teten.com/market-research
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Intro Tools Signals Network Next Steps
© 2012 David Teten. More at ffvc.com and teten.com
• Introduction
• Tools of the Trade
• Signals of Potential Customers• Growing Your "Network 2.0"
• Next Steps
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Intro Tools Signals Network Next Steps
© 2012 David Teten. More at ffvc.com and teten.com
Investment Search Process (# Companies)
Business plans receivedHighland data: Economist, Global Heroes: A Report on Entrepreneurship, March 14, 2009, page 9.
TA Associates data: The Big Issue: Deal Origination, Corporate Financier, October 2006
First Round Capital data: Aktihanoglu , Murat. “NYC Entrepreneur Week Events Take-aways.” May 3, 2009. http:/ /centrl.com/blog/?p=53 . Angelsoft data: Website, March 17, 2010.
Highland
Capital(2008)
TA
Assoc-
iates(2006)
First
Round
Capital(2009)
Angels on
Gust(2010)
Typical
Entre-preneur
Profiled Initially - - 2,500 20,850 3
Targets selected 10,000* 8,000 500 1,315 - Met 1,000 750 NA 1,047 -
Negotiated with - - NA NA -
Due diligence - - 100 577 2
Acquired/invested
10-20 10-12 20 541 1
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Intro Tools Signals Network Next Steps
© 2012 David Teten. More at ffvc.com and teten.com
ff Venture Capital (ffvc.com)
• Early-stage technology venture capital fund• Founded 1999, with over 150 investments in over 50 companies
• Focus on early stage web-based services companies with disruptive models,including SaaS, video gaming, digital media, social, mobile and VoIP
• First investments typically $50-$250K at valuations of <$5m pre-money
• 50% of fund reserved for follow-on investments
• Prominent angel investments include:Cornerstone OnDemand (IPO); Quigo Technologies (sold to AOL for reported$340m); Klout; BetterWorks
• Partners: John Frankel (21 years Goldman Sachs);David Teten (serial entrepreneur; Chair,Harvard Business School Angels of New York);
Alex Katz (CFO); 1 Venture Partner (Michael Yavonditte)
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Intro Tools Signals Network Next Steps
© 2012 David Teten. More at ffvc.com and teten.com
• Market Research is the systematic, objective collection andanalysis of data about a particular target market, competition, and/or environment.
• Always incorporates some form of data collection, whether it besecondary or primary research.
Definition of Market Research
http://www.marketresearchworld.net/index.php?Itemid=38&id=14&option=com_content&task=view . http://www.flickr.com/photos/niosh/2492013803/
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Intro Tools Signals Network Next Steps
© 2012 David Teten. More at ffvc.com and teten.com
Why Private Information About Opportunities Is More Valuable
Info is PrivateFew Competitors
Inspired by Robert Bruner, Applied Mergers & Acquisitions , page 186
Ability of entrepreneur
to exploitopportunity
Info is PublicMany Competitors
Sweet spot of
highest returns
Customers payhigh prices
Customers paylow prices
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Introduction
• Tools of the Trade
• Signals of Potential Customers• Growing Your "Network 2.0"
• Next Steps
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Google Search Hacks
• Filetype:pdf
• Filetype:ppt
• Filetype:doc
• Books.Google.com
http://flickr.com/photos/neilt/2517652/sizes/o/
http://flickr.com/photos/neilt/2517652/sizes/o/
eDonkey—search hard drives
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Major Research Databases
• Often available freefor students
• Public libraries alsooften offer free access
• D&B
• Hoovers
• Factiva
• LexisNexis
http://www.flickr.com/photos/kodomut/3728718035/sizes/l/
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Wall Street Research
Charles Schwab account
http://www.flickr.com/photos/kodomut/3728718035/sizes/l/
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Slideshare – presentation slidesfrom conferences/events
• Scribd, Docstoc, Edocr – general• Wepapers – focus on students• Twidox – focus on academics• Archive.org – Web archives
Online Document Repositories/Marketplace for files,
publications, presentations, and whitepapers
http://www.flickr.com/photos/sookie/94778946/
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Astragy
• Attaain
• Compete • Rivalmap
• Socialtalk
• SpyFu
• Tracked
• Workstreamer
Tools for Tracking Competitors
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Alterian SM2 – Socialmedia data aggregation,comprehensive analytics• Boardreader – Online community search• Boardtracker – Tracks conversations on discussion boards• Blogpulse – Trend identificationfor blogs• SocialMention – Real timesocial media keyword search
Free Social Media Monitoring Tools
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Prestige
• Open doors
• Education
• Substantive experience
• Target marketing
How to Woo Interns
http://www.flickr.com/photos/uaeincredible/3333223048/sizes/o/
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Business Schools
– Columbia Business SchoolSmall Business ConsultingProgram
– Insite NY
– Levin Institute JumpStart
– NYU EEX
• Colleges
• Student Special Interest Groups
• IIM Ahmedabad Forum for Industry Interaction
Intern Sources in New York
http://flickr.com/photos/foundphotoslj/1134148114/
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com http://www.flickr.com/photos/superrabbit/319538167/
Customers
• Observe customers in action• In-depth interviews• Snowball sampling
• Ask for referrals topotential buyers to builda sample
• Online surveys
• Bleeding-edge users
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Recommended:• Google Docs – can be used for surveys• Surveymonkey – leading polling service• Polldaddy – easy interface and comprehensive analytics
Also:
• ask500people • buzzdash• buzzvote• Pollgenius • pollpub• toluna • Twiigs • urtak • quibblo
Polling
http://www.flickr.com/photos/extraketchup/748452643/sizes/o/
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Introduction
• Tools of the Trade
•
Signals of Potential Customers• Growing Your "Network 2.0"
• Next Steps
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Grossly Simplified Entrepreneur’s Market Map:
Social Networking, mid 2005
This chart is purely illustrative and is not intended to be exhaustive.
Geography
TargetMarket
US Europe LatAm
Business
Dating
Social
LinkedIn Xing
Facebookmyspace
Orkut
Match.com Plentyoffish
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Other Sample Market Maps
Quality
Products
Customer Segment
DistributionChannel
Contextual info about each company to Include
• Management strength• Product strength
• Client desirability• Financial returns
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Introduction
• Tools of the Trade
•
Signals of Potential Customers• Growing Your "Network 2.0"
• Next Steps
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
= D * ! (Chn*Con *Rn* Sn*In)
Ch = Character
Co = Your Firm’s Competence
R = Relevance of the contact
S = Strength of your relationshipI = Information
N = Number of people
D = Diversity
Network Valuation Formula
N
n=1
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Biography Analysis Software
• Jigsaw
• Honestly
• Pipl
• ZoomInfo
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Corporate Analysis Software
• Glassdoor
• TheFunded
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Affinity
• Information
• Others' Credibility
• Ego Boost
How to Get People to Return Your Calls
http://www.nus.edu.sg/oam/studentprofiles.html
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Organizing / Speaking
at Conferences
http://www.flickr.com/photos/programmerman/2315566040/sizes/l/
• Alumni organizations
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Online meets Offline
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Learn from People Who’ve Been There
• Ex-Employees• Customers who’ve
analyzed multiplevendors
http://flickr.com/photos/h-k-d/2898797929/sizes/o/
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Customer Relationship Management (CRM)
http://flickr.com/photos/misterdna/49841409/sizes/l/
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• IERGOnline.com
• Executive-Forum.org
• INMobile.org
• Sermo.com
Platforms
• LinkedIn
• Ning
• Xing
• Groups.Yahoo.com
• Grouply
Gated Communities for Executives
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Signals Network Next Steps
Character – Competence – Relevance – Strength – Information – Number – Diversity
Intro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Take One Step
• By industry
• By geography
• By personal
characteristics
http://flickr.com/photos/extranoise/169187125/sizes/l/
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
• Introduction
• Tools of the Trade
•
Signals of Potential Customers• Growing Your "Network 2.0"
• Next Steps
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Signals Network Next StepsIntro Tools
© 2012 David Teten. More at ffvc.com and teten.com
Any questions ?
slides at
teten.com/market-research